The gloom-and-doom on Wall Street has wiped out the stock market's gains for the year.
The Dow dropped 552 points, or 2.2%. Plunging retailers like Target and Kohl's led the S&P 500 1.8% lower.
Tech stocks once again got hit hard, with the Nasdaq sinking 1.7%. Apple retreated another 5% after Goldman Sachs dimmed its price target on the iPhone maker for the second time in a week.
All three major indexes have given up their gains on the year. The Dow is nearly 2,500 points off its peak.
The Dow lost nearly 400 points on Monday as well. This week's sell-off marks a continuation of a glum two months on Wall Street. The S&P 500 is down nearly 10% from its record high, flirting with official correction territory.
The losses have been sparked by a flurry of concerns about everything from higher interest rates and crashing oil prices to the US-China trade war. But the overarching theme is that investors are bracing for the end of the fantastic economic and profit growth that marked the past year. Analysts expect a deceleration in 2019 driven by tariffs, the fading impact of the tax cuts and higher borrowing costs caused by the Federal Reserve.
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SO MUCH WINNING!!!😁😂😂
😂😂😂😂🙈🙈🙈🤪
@William A.
Oh for Christs sake STOP MAKING EXCUSES for Diaper Donnie.
more like loosing
Can’t believe that people would believe Grumpy has a clue when it comes to the Stock Market , Bankruptcy is Grumpys middle name , And he’s doing it to the country !!!!!!
Think I’ll adjust my spending now just in case
And all the King’s Horses and all the King’s men couldn’t put the Economy back together again.
#humptytrumpty
This is not good, Trump needs to stick his neck out of the woods and come back into reality. This is a direct consequence for backing the Prince of Saudi Arabia….yikes!!!
No it isn’t, this crash has been planned for decades.
@logic rules How was if fine? We had like 4 or 5 corrections. Also the stock market LoVeS when both parties have power.
@shade38211 Ditch Saudi oil and ask Israel if it is OK to buy from Iran. Job done.
logic rules Lol that’s because no one’s minding the store. Obama never bankrupted anything Trump was notorious for bankrupts and screwing people around.He also got all his money from his father.Watch out , what took Obama 8years to correct well Trump has worked his magic.Lol Lol you guys are screwed.
But…I thought if you pooled all the country’s money together at the top of the pyramid that it would all trickle down to us poor people? Are you saying that our out of control deficit spending to give massive tax breaks to the rich was as bad of an idea as my 4 year old said it was? Is trickle-down economics a scam? Are trade wars really NOT easy to win? How did I not see this happening?
– Every Republican Ever.
What? Didn’t you see all the billionaires, after the tax cut, standing on corners screaming “Free Money” to the poor and middle class people? Isn’t that how it works, when the rich get money, they get more generous….. NOT, they tighten their belts and hide that money in off shore tax free havens…
Stay strong guys.
@▂▃Zaggnut▃▂ unfortunately, until we get better access to education for poor people in middle America, they will still swallow whatever lies Fox News force feeds them. It doesn’t matter that for the last 20+ years, every time Republicans take over our economy crashes and only recovers a year or so after the Dems take it back and fix the mess.
If it wasn’t for social media spreading conspiracy theories and actual fake news, I would be pinning my hopes on the next generation to be smarter because of the internet…but there’s Facebook…so probably not.
“And it’s gone!” – South Park
surprised south park doesn’t offend you softies lol
Hahahaha. W
@Peter Gobkoswki … Sweetpea… take an economics class before you spout off again. Unemployment is not measured by single job incomes. Unemployment rates are calculated by jobs available and jobs filled. That means 25 jobs in one downtown area available… 13 jobs in that area filled. 7 people have those 13 jobs. Because of those 25 jobs only 3 have above minimum wage earnings. So… it takes 1 person an average of 2 part-time jobs to make 3/4 of the wage a $15.00 job pays with no benefits. So… moral to this story… poor people are still poor, working more jobs per household and still having to apply for food stamps and Medicaid. No… puddin, the fuhror has only made this worse… Oh, yeah… the unemployment rate started falling under Obama and the current administration has closed and/or chased off multi-million dollar companies in the last 2 years… Do you know someone that can help you Google?
Let’s see how quick Trump is to take credit for this. After all, the stock market performance since last year has been entirely Trump’s doing, right?
Wow,. Looks like your children’s children will have to pay off the 2.7 TRILLION dollars Trump just added to the deficit too👎
Who knew…
Ohh ya I did 😑
@ImDeExpert ..YourDeMoron!
@Annabelle B who’s ur president? At least we support real winners who knows how to win. Demon crats not even close!
@Eric Nick who cares about wat liberal softies aka Hollywood thinks. Sad! #MAGA2020
Perhaps we’ll get these republicans out in 2020 and the depression won’t be that bad.
Meanwhile this happened three times in 2 generations. Once in the 80s (87 crash). Once in 2008 and now. We keep doing this dance with these republicans.
i have the impression that in the past year the market was trading as much as possible before the logistics and trade deals are dissolved and the maximum chokepoint is reached
Good job Trump.
Such a _fantastic_ economy. (sarcasm)
@Ellie MM
Obama’s first year was the World War 3 of money.
History will show what a swift and decisive job he did, within his first 100 days of office.
He made global friends who all agreed to help pump money into the system.
If Trump had been faced with the same scenario, very few of us would be alive today.
It’s a sobering thought to think that this idiot is still in office.
After all his lies and despotic attempts to silence the press.
2nd amendment.
@Mai Nem Brush up on your Constitutional Amendments there, Einstein. It’s also a sobering thought to know the people that push the Constitution in your face, are the same ones that never READ it, nor adhere to it, or twist it and abuse it……and therefore ignored when they try to USE it.
@Alison Smith It probably isn’t the Democrats’ fault. I mean, if it was, wouldn’t this drop come sooner, maybe around a week after the election? It has been over 2 weeks now.
@Alison Smith Sorry, Alison, I might have read your reply wrong. What you said is completely correct. I bet you Trump is now going to blame the Democrats for the stock drop. Whenever it goes up, he is responsible and whenever it goes down, its Hillary, the Dems, or Obama. The main problem for the left is that the left does not have an extremely popular news station supporting it, unlike the conservatives who have Fox News (usually a propaganda channel). The minute CNN says a single word, it’s fake news.
@Alison Smith We need to bring back the fairness doctrine.
I am a great dealmaker, says the guy that filed for multiple bankruptcies.
vs Obama, Hillary, or Bernie who are all so incompetent they can’t run a hotdog stand, and in Hillary’s case, can’t run a hotdog stand without committing years of RICO level crimes. Overcoming failures is the mark of success. Not having any failures means you’re not doing anything, or not living in this reality.
The BEST deal breaker. lot’s of people say that.
Can’t wait to see the full explanation on how this happen from most news media and then independent media.
you elect a clown and you expect something else?
Michael Lee – I would LOVE to gloat about his successes but alas I see none. He wants to cancel Obamacare (as an economist I KNOW that effects his base the most – watch documentaries that I can provide should you be interested) The reason that the agriculture industry needs a bailout is because of his un-free trade that he has instituted.I would also love to believe that Trump really is a billionaire – he actually called Forbes magazine and tried to disguise his voice to preach how great he was… but alas again I have not seen him produce his tax return yet. I might believe it if I see it. Trump is NOT my president nor will I ever believe it. He is merely the president for republicans only. I don’t care if he donates his salary – he pretty much donates mine to his causes since my taxes have increased. You agree with DeVos cutting education money? You agree with his actions – missing a remembrance day ceremony? – you want us to bail out the banks again after he is opening them up for failure yet again?? This is a failed businessman making business decisions. He has no Fred Trump money to bail him out this time.
@Michael Lee don’t waste your time mr. Lee, they don’t have the intellectual capacity to comprehend what you’re telling them. The only thing they know is “Orange man bad!”
I disagree that everything going wrong with the United States of America (the most fragile country in the world now apparently) is Trump’s fault.
Market up: Trump says it is all about him, no one but him.
Market down: Trump says it is all about someone else, nothing to do with him.
And republicans clap and cheer without a second thought.
Censorship and also SJWS are reason america is Declining for years now.
This is the pattern for every president in history. Has the White House ever said ‘maybe that economic policy of ours was a terrible idea…”
Booming
…and vise versa…..
WINNING! Bigly!!! Exploding deficit, growing trade deficit, market tanking: THANK YOU Agolf Twitler!
@Jeff Hall Booming one year later. Winning too
@Boudica Booming one year later
@Tim George if you mean the deficit then it’s booming, otherwise you are the only fool here….
I love it when shareholders and corporations suffer.
LOL… I love that there is a giant graphic for Greed vs Fear. That is so awesome. That is the most honest thing I have seen in quite some time on the news.
Every single time one political party controls all three branches of government, that’s when we have an economic crisis. Like the Great Depression.
Coming back here to watch this during the 2022 market crash… reminder that these are temporary and markets will recover in time. Even during today’s “crash,” the S&P is nearly double what it is in 2018